HomeMy WebLinkAboutcc - Smith (Avila Ranch) 8/9/2017
Christian, Kevin
From:Smith, Stephanie - 2 <stephanie3.smith@bankofamerica.com>
Sent:Tuesday, August 08,
To:E-mail Council Website
Cc:Retail Sales Greater Los Angeles
Subject:: SLO City PC and Avila Ranch
To Whom it may concern,
I have over 25 years in the Mortgage Industry helping people achieve their goals of
home ownership.
In our San Luis Obispo community we have a serious lack of affordable housing.
Because of this I am recommending that you require that 75% of all homes sold are for
Owner Occupied Home Buyers, not for investors. As it is buyers have so much to
overcome to afford a home in this community they should not have to be competing
with investors on securing a home to buy.
You can write in these rules in the CC&Rs and this is not uncommon in many PUD and
Condo Communities. It is not a fair lending violation as long as it is clearly disclosed and
drafted correctly.
We also should work to provide Low to Moderate income Borrowers with a local
Community Down Payment Assistance Program to purchase homes as we used prior to
the Housing Financial Crisis. Borrowers can apply for Down payment assistance and get
funds based upon need. They can pay them back them back when they sell or refinance
the home after 5 to 10 years.
We had these programs in the past and they need to be brought back.
I am a professional Mortgage Banker and part of Bank of America’s Community of
Volunteers. If I can be of assistance please let me know, I feel very strongly that home
ownership is a cornerstone of all strong and viable communities.
Thank your for your careful consideration of these issues.
Stephanie Smith
Bank of America Consumer Lending
AVP,Retail Sales Manager, MLO
San Luis Obispo County and Santa Maria Offices
NMLS#518857
1105 Higuera Street
SAN LUIS OBISPO CA 93401-3327
P:805-503-8972
F:866.734-6509
stephanie3.smith@bankofamerica.com
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